credit card help

good day to all!

im now in big trouble. ilang months na akong hindi nakakabayad ng credit card ko. since nagkaproblema ako sa family ko hindi ko na na maintain ang pagbabayad. ngayon nagkapatong-patong na ang utang sa 3 accounts ko sa RCBC. may warrant of arrest against me whew!

ask ko lang pede bang mangyari na may warrant arrest agad para sa akin?

isa pa gusto ko na ma settle lahat ng utang ko pero hindi ko kaya bayaran ng isang bagsakan lang. sa kinikita ko daily kung iko-cumpute ko hindi ko talaga kakayanin. kung mabibigyan ako ng enough time kaya kong bayaran sana.

ano po ba ang magandang gawin ko? please i need advice


thanks
rommel

ayoko rin pong takasan ang pagkakautang ko. gusto ko din mabayaran lahat. pero sa liit ng panahon na binibigay nila hindi ko po talaga kaya sa totoo lang. pwede po ba na kung magkano lang ang kaya kong ibigay sa bawat buwan? sa monday daw kasi punta sila ng bahay at may dalang warrant of arrest.


thanks po ulit


sensya na sa construction ng post ko, natatalot na po kasi ako baka makulong.

totoo po ba lahat to? pasensya na po kailangan ko talaga ng advise



What happens if I don’t pay my credit card debts?
When you default on your payment, the bank will flag you as a delinquent card member. They will call you to remind you to pay.

If you continue your non-payment, the calls will be more frequent until you reach a pre-determined number of missed payments. After which the bank will dismiss your case and turn your account over to a collection agency.

The collection agency is not a part of the bank. They are a third-party business who buys the delinquent accounts. The collection agency will now take over the responsibility of convincing you to pay your credit card debt. Whatever they collect from you becomes their profit.


You said collection agencies BUY the delinquent accounts?
Yes, the bank sells the accounts to them. This will minimize the bank’s loss. The costs (legal and otherwise) that will incur if the bank continues to pursue the delinquent account can be expensive. Asides, it’s not worth their time anymore – that’s a simple way to explain it.

Furthermore, the bank cannot just freeze and take the money in your savings account to pay for those debts. They would need to have a court judgment against you to make it legal for them to do that. And that will again, cost them money and can take a long time.

So what happens when your account is turned over to a collection agency?
Then it just remains there. The collection agency will do their best to convince you to pay because that’s how they will make money.

I know there are a lot of horror stories when it comes to credit card debt collection. That’s a sad reality that many people around the world actually experience. The best thing to remember is that all those are just empty threats so stay calm and don’t worry.

Will I really go to jail if I don’t pay my credit card debt?
No. That’s the most honest answer I can give you.

To my knowledge, nobody has ever gone to jail for not paying their credit card debts. Why? Because incurring debt is not considered a criminal act. Of course, this is assuming that you just simply failed to pay your credit card debts for whatever reason.

It’s important to know that circumstances will be different if you have issued a check or has signed a contract because a bouncing check or a breach of contract can be turned into a criminal case such as estafa.

That’s why some collection agencies will try to make you issue checks or sign a payment agreement because that could give them legal grounds to file a real case against you.

How about my credit history?
Not paying your credit card debt will reflect badly on your credit history. Which means it will be difficult for you to acquire a loan when you need one.

Aside from that, some companies do check the credit history of their job applicants so a bad credit history may affect you if you’re looking for employment.

Honestly, there’s no definite list of ways how a bad credit standing can affect you negatively but trust me, it can and it will.

There is some good news though. Your bad credit history will actually not remain in your record forever.

It will be erased after several years BUT NOT because you’ve been “forgiven” but because the computer database is close to full already and it needs to purge some old data.

And with higher capacity computers becoming more available nowadays, the time it will take for your bad credit history to disappear can and will become longer.

So what is the worst case scenario if I don’t pay my credit card debts?
The worst case scenario is that first, you would have to live by cash for the rest of your life. Thinking of buying a house or a car someday? Then start saving for it now because chances are, you won’t be able to get a loan from any bank.

Secondly, you would have to deal with calls, letters and threats from credit card collection agencies for a very long time. Sure you can just ignore them but they do find ways to involve your family and friends in the situation.

I think personally, that’s the worst part of not paying your credit card debts – having to deal with the worry and unnecessary burden that collection agencies can possibly bring your loved ones. That is personally something that my conscience can’t take.

let's focus first on this warrant of arrest. did these criminal charges undergo preliminary investigation?

what is the charge, violation of access devices regulations act?

did you suddenly leave work or change address?

attyLLL wrote:let's focus first on this warrant of arrest. did these criminal charges undergo preliminary investigation?

pano po ba masasabi na nagkaroon ng preliminary investigation? basta ang alam ko po nagpadala sila ng mga sulat na naniningil sila at ilang buwan na raw daw po ako di nakakapag bayad.

attyLLL wrote:what is the charge, violation of access devices regulations act?

sir hindi ko pa masagot to, di ko pa kasi alam to

attyLLL wrote:did you suddenly leave work or change address?

may maliit na nagosyo po ako na may tauhan na hindi hihigit sa sampu. noong 2008 nang biglang humina negosyo at ako na lang po ang natitira sa negosyong sinimulan ko hanggang ngayon. kasabay po nito ang paghihiwalay naming mag asawa. sa mga pangyayari po hindi ko na naasikaso at hirap na po talaga ako sa mga bayarin. hindi naman po ako lumipat ng tirahan.


sir salamat po sa mallit na oras na inilaan niyo sakin. lubos po ako nagpapasalamat.

gusto ko po mabayaran ang lahat ng utang kaso sa nagkapatong-patong na interest hindi ko na po talagang makayanan bayaran lalo na sa ultimatum na binigay nila. kung may time sana para magkaroon ng panibagong arrangement at basta po kaya kong tustusan bawat buwan mababayaran ko po ito.



salamat po.

im sure sa monday tatawag na naman yun at ipipilit bayaran ang utang ko sa halagang gusto nila. hindi ko kayang magbayad nang ganun kalaking halaga sa maiksing panahon na binigay nila. ano po ba maganda kong sabihin sa kanila?


isa pa po pala. magpa-file daw po sila ng kaso sakin. ano po ang kasong pwede nilang i-file laban sakin?

thanks po ng madami.

it sounds more to me that he's only threatening you with talk of a warrant of arrest. call the bluff.

next time he calls, start with "is it ok if I record our conversation?" then ask him to identify himself and what company he works for. let's see how brave he is in with his threats.

it is not a crime to be unable to pay your credit card debts. just don't leave your workplace and residence without informing the credit card company.

however, your obligation to pay still subsists. try to negotiate a payment scheme with them.

attyLLL wrote:however, your obligation to pay still subsists. try to negotiate a payment scheme with them.

heto po sana gusto ko attyLLL.
kanino ba dapat ako makipag negotiate? sa collection agency kung saan pinasa yung delinquent account ko, o sa mismong credit card company na kung saan talaga ako may utang?


thanks po ulet.

up ko lang po ito. kung mabibigyan ako ng pagkakataong makabayad, kanino po ba?


thanks

talk to both, see who gives the better deal

hello,

I've been following this thread. I have a question, Sir. I have delinquent accounts from BPI and BDO. They have been delinquent for I guess, 3 years. Unfortunate things happened. Now, I was able to marry someone not from this country and we're planning to get a spouse visa for me to migrate there. Walang tumatawag na sa akin na collecting agencies kasi I've changed my phone number years ago and I was kicked out from my old apartment. Someone told me na hindi raw ako pwede umalis ng country if that is the case. Is that true?

mj, your constitutional right to travel cannot be abridged unless there is an HDO or watchlist order issued against you.

ganon po ba,, kasi sabi nila pag daw nag change ka ng address at phone number without informing the bank, yung civil case daw magiging criminal case. at pag may criminal case ka, you can't go anywhere outside of our country.. nagwoworry talaga ako kas baka yun pa yung maging dahilan ng pagkaka problema ko sa visa..

Thank you po, Attorney!

that's right, a legal presumption of fraudulent intent arises if you change address without informing the credit card company. there will be basis for a criminal case.

however, an hdo or watchlist order is not issued automatically. it has to be applied for.